From Karen Schweitzer,
Your Guide to Business School.
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Did you know that you can negotiate with a financial aid officer (FAO) to get a better financial aid package? Well, you can and you should.

The Initial Financial Aid Offer
More and more schools are lowering their initial financial aid offers with the expectation that you will ask for more. Don't let your first choice school low-ball you, especially if their financial aid package will not be enough to cover the costs. You have nothing to lose by asking for a larger financial aid package.

Negotiating a Larger Financial Aid Package
When negotiating with the FAO for a larger financial aid package, it is important to be friendly but firm. Be prepared to explain why you need more financial aid and why the school should consider giving you more.

Don't be Greedy
If you need a larger financial aid package to afford the school's tuition, don't hesitate to ask for one. That said, don't be greedy. Be reasonable in negotiations. Financial aid officers will not be willing to give you a larger financial aid package if you don't really need the money.